I can not afford my car anymore I do not even want it anymore but its not even worth what I owe on it can I just give it to the bank and be free from all payments?
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Anonymous
ANSWERS: 8
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sounds good dont it? hey yo, theres warranties on new cars.!! ok maybe its not new. im sorry, id go to the dealership and ask one of the mech. to buy it????
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You can give it back to the dealership but if i'm not mistaken the bad thing is that it will be considered a repo on your credit.
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My wife and I did that after our financed car started to eat it's second transmission. They sold it at auction and billed us the difference. We managed a reduced payment deal for that, but we still had/have to pay them back.
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IMy name is toddy and i have the same problem I cannot afford my payments anymore I have a 07 GMC envoy and own about I think 21000 left on it but i pay almost five hunderd an month plus the insuarance is like 220 and i spend at least 100 dollars in gas a week. so in total this truck is running me about 1120 a month i serious cannot afford it and i dont was ruin my credit by having a repo on it or having the bank auction it for sale and be billed for the balance on it. Any one have any ideas what i can do 631 436 9135 my name is Toddy
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No. You owe what you owe. With or without the car you will need to pay what you owe. Precisely what happens when you default on payments is in the credit agreement. What you did when you entered a credit agreement is you bought MONEY. You then USED the money to buy the car. That car may or may not be a partial security against the loan, and you may be able to pay all or part of that loan off by giving the car back, but you are personally liable for any cash difference. Check your credit agreement. The technicalities vary from location to location and form credit agreemebnt to credit agreement.
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As if banks dealt in cars! How did you imagine that? Drive it right into the ATM?!
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You don't owe the bank a car. You owe them money. They don't really WANT the car. Option 1. Let them take the car. You will still be responsible for the difference in it's value and what you owe plus all costs involved in it's handling. You will essentially be paying for a car you don't have. Option 2. Sell the car. You will still be short and have to make up the difference. Moral of the story: If you can't afford it, don't buy it. What you make today may not be available tomorrow. Protect your credit and take care of it in an amicable way.
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The only way you can get rid of it without paying is to declare bankruptcy on it. But trust me you don't want to do that. First you have to pay to get a lawyer to do that then you deal with ruined credit for years. If you are in a very tight spot and can't deal with it then i would suggest contacting the bank and sitting down with someone to discuss your options. If you just really don't want it I would sell it then make payment arrangements that you can afford to pay the difference. If it is a new car and you owe alot of money i would go to dealership and trade it in for a less exspenisve car. It doesn't fix everything because you still owe money but you do get a lesser payment and a different car.
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